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Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five years until June 2025 to allow electricity generation at lower costs, according to a notification issued on Tuesday.
The exemption is being offered at a time when three coal-fired power plants are being established in the public sector and one in Payara in the southern district of Patuakhali is likely to start producing around 660 megawatts of electricity next month.
Apart from this, four private sector coal-based power plants are in the process of being established, according to the minutes of a meeting between the NBR and Power Division in August this year.
A huge amount of coal would be required once these power plants go into operation.
The NBR said there were no customs and other duty for coal import.
After the VAT cut to 5 percent, a 5 percent advance tax and 5 percent advance income tax will still be applicable for private sector power plants.
Public sector power plants will need to pay only the 5 percent VAT to import coal, said an NBR official requesting anonymity.
As coal accounts for nearly 65 percent of the electricity production cost, a reduction in the VAT rate will bring down the cost of generation, said the meeting minutes.
Considering the issue, the NBR has decided to slash the VAT on coal import to help reduce the production cost, another NBR official had said earlier.
In its Tuesday’s notification, the tax administrator attached conditions for coal power plants to import coal.
Power producers will have to submit recommendation letters from Power Division to customs stations during release of coal.
Importers will also need to furnish a bill of entry, it said. A bill of entry is an account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination.
The tax authority earlier provided duty benefit for the import of furnace oil, which is used in electricity generation, and liquefied natural gas.
The NBR in July 2013 offered a 15-year tax waiver for electricity generation with coal.
Companies that will sign contracts with the government by June 30, 2020 to establish coal power plants will receive the tax break on income from electricity generation, according to the notification issued at that time.
Source: The Daily Star
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Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Bahari Cakrawala Sebuku - Indonesia
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- The University of Queensland
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- Global Green Power PLC Corporation, Philippines
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- Romanian Commodities Exchange
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- Chamber of Mines of South Africa
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- Coalindo Energy - Indonesia
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- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
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- Orica Mining Services - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
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- Formosa Plastics Group - Taiwan
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- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
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- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
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- Indian Energy Exchange, India
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- Commonwealth Bank - Australia
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- European Bulk Services B.V. - Netherlands
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- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
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- Planning Commission, India
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- Economic Council, Georgia
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- Indika Energy - Indonesia
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- SMC Global Power, Philippines
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- Australian Commodity Traders Exchange
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- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Merrill Lynch Commodities Europe
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- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
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- Star Paper Mills Limited - India
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- Power Finance Corporation Ltd., India
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- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
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- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
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- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
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- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
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- PetroVietnam Power Coal Import and Supply Company
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- Ambuja Cements Ltd - India
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